Cardano has been very strong since breakout. But we really need a retrace to confirm supports. Thus far we saw one leg pullbacks only, not 3 waves.
Currently at an important line: the Blue 2.618. The 2.618 is often a strong support but was broken. But even a once-broken 2.618 can form a "higher low".
Thus we can NOT be confident of Wave C happening.
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This is an update to my ongoing anaylysis which started with aniticipated Breakout:
After the breakout, I had some near term targets which were hit and surpassed:
My last plot was expecting 1600 sats to be serious reistance, which proved correct:
Now watching closely for ABC to complete as normal, or to bounce off 2.618 and keep going:
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Finally, the C wave reached first target. The bounce looks pretty good, might not extend any lower.
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Bulls trying for a double bottom in the crucial support zone
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Double-bottom has played out in ideal fashion thus far: the 'hump' between bottoms was surpassed, then retested for entry confirmation for a lot of traders now we have first resistance at the 2.236 of downward wave.
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So now we have a Fib-War: the Red ripples pushing down, Green ripples pushing up in theory the red 2.236 is bear's line of defense, and green 1.618 is that of bulls.
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Maybe one more leg of correction for ABCDE? to say 1450 sats? would be better sign if 1467-70 held
@EuroMotif you seem like a Golden ratio loving guy. Why is everyone on the 'trading thing' calling fibonacci retraces if those are not related to the fibonacci sequence? Why not 'golden retracement' por 'Phi retracement'? And why is everyone confusing simple patterns eith 'fractals'? Trading vocabulary is a mess!
mmmaus
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for us noobs, wha's the significance of pushing for a double bottom?
EuroMotif
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@mmmaus, what I meant was the bulls are trying to hold the support again, which may paint a double bottom.
Many traders look for a double bottom to gain confidence in longing an asset.
A common strategy is to wait for price to exceed the 'hump' between bottoms and then retrace to the 'hump' again, and there to be observed closely for signs of a bounce from that hump.
mmmaus
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fantastic answer. thank you.
it looks textbook--a contentious but legit bounce. we're going up.